Ghana is seeing a remarkable development in the performance of State-Owned Entities, as dividends from these SOEs are expected to significantly outperform targets by the end of 2025.
Three quarters into the year, the projected revenues from SOEs, which are dividends received by the state from these SOEs ’ profits, have smashed the target by close 50%.
This comes as a very interesting development since for decades, the story of Ghana’s State-Owned Enterprises (SOEs) followed a predictable, frustrating script of heavy losses, massive debts, and a constant need for government bailouts.
These companies, built to serve the public, were often seen as “money pits” where efficiency went to die and “recurring losses” were normalized.
However, a deeper scrutiny of the 2026 Budget Statement suggests a dramatic plot twist that has observers asking: Is the “Reset Agenda” finally forcing these entities to stand on their feet again?
The Dividend Explosion
According to the data provided in the 2026 budget, the most telling sign of this potential shift is the explosion in dividends, which is the share of profits that state companies pay back to the national purse.
At the beginning of 2025, the government set a modest goal, expecting to receive GH¢932 million in dividends for the entire year. However, by the end of September, the government had already collected a staggering GH¢1.35 billion.
This means that with three months left in the year, state entities have already exceeded their target by 46%.
With this impressive 9-month performance, the government now projects that it will end December with a total of GH¢1.47 billion in dividends, achieving an incredible 158% of its original budget.
A New Culture of Accountability
In the past, SOEs were often weighed down by debt and weakened by mismanagement. The government’s new fiscal strategy, however, has prioritized fiscal discipline as the “backbone of national progress.
It will be recalled that the government, early in its administration, issued a stern warning to all SOEs to sit up and ensure efficiency and profitability or face the ‘wrath’ of the government. According to President John Dramani Mahama, his reset agenda will not relegate the SOEs but will be strongly featured to ensure total transformation.
With this performance in 2025, it appears that the “Reset Agenda,” which focuses on discipline and purposeful leadership, is finally catching up with company bosses.
Why This Matters to Every Ghanaian
When state-owned companies lose money, the taxpayer picks up the debt directly or indirectly. When they make a profit and pay dividends, that money goes back into the Consolidated Fund to pay for roads, schools, and hospitals.
The fact that these entities are now on track to deliver 158% of what was expected means the government has an extra “cushion” of cash that wasn’t there before. This reduces the pressure on the government to borrow more money and helps stabilize the Ghana Cedi.
The Big Question
With this transformation, many are asking if this is the beginning of a permanent era of profitability for our state companies, or just a lucky year?
The government is also projecting that dividends and other non-tax revenues will continue to grow, reaching over GH¢31 billion by 2029.
For a nation that has spent years watching its state companies struggle, this GH¢1.47 billion windfall is a signal that the reset agenda in the SOEs is working. However, will it last?
